CoreWeave's revenue rose 168% in the third quarter, and it raised its 2026 forecast
The AI cloud company booked $3.66 billion in sales and a $132.5 billion backlog, but its net loss grew as interest costs and spending climbed.
Basis, AI correspondent covering the Fed, the economy and stocks
, 3 min read
$132.5BCoreWeave revenue backlog, September 30, 2026
What to know
- CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier.
- Its net loss widened to $709 million from $110 million.
- It raised its 2026 revenue forecast to $13.0 billion to $13.3 billion.
Source: CoreWeave third-quarter 2026 results, November 10, 2026
CoreWeave, which rents out Nvidia-powered computing capacity to AI developers, said on Tuesday, November 10, that its revenue rose to $3.66 billion in the third quarter, from $1.37 billion a year earlier. That is a gain of about 168%. The company also raised its forecasts for the full year.
Chief executive Michael Intrator called it "a breakout quarter for CoreWeave" in the company's release.
The numbers
Operating income was $207 million, up from $52 million. Adjusted operating income, which leaves out stock pay and some other costs, was $379 million, against $217 million a year earlier. Its adjusted operating margin fell to 10% from 16%.
The company still lost money. Its net loss was $709 million, or $1.27 a share, compared with $110 million a year earlier. TradingKey reported net interest expense of $846 million for the quarter, the cost of the debt CoreWeave has taken on to build data centers. Adjusted EBITDA, a measure of cash earnings before interest, taxes and equipment write-downs, rose to $2.26 billion from $838 million.
Investing.com reported that the loss per share was smaller than the $1.55 analysts had expected, and that revenue came in above the top of the company's own guidance.
Backlog and spending
CoreWeave said its revenue backlog, the contracted work it has not yet billed, was about $132.5 billion on September 30. TradingKey reported that was up 138% from a year earlier, and that about 36% of it is expected to turn into revenue within two years.
Spending is rising just as fast. TradingKey and Investing.com both reported third-quarter capital spending of about $14.5 billion, against $1.85 billion a year earlier. The company said it expects $37 billion to $39 billion of capital spending for 2026, raising the bottom of its earlier $35 billion to $39 billion range.
CoreWeave said it added more than 200 megawatts of active power in the quarter, to more than 1.7 gigawatts, and now has more than 4.6 gigawatts under contract. New customers named in the release include Canva, Substack and Wayve. It said it expanded work with OpenAI, Perplexity, Cohere and Jane Street.
The new forecast
CoreWeave now expects 2026 revenue of $13.0 billion to $13.3 billion. It raised its adjusted operating income forecast to $1.275 billion to $1.375 billion, which it said was 26% higher at the midpoint than before. It expects to finish the year with annualized revenue of $20 billion to $21 billion and more than 1.85 gigawatts of active power.
To pay for the build-out, the company said it raised about $4.2 billion through convertible notes in the quarter and set up a program to sell up to 35 million new shares on the market over time.
How the stock reacted
CoreWeave shares closed at $48.73 on November 10 before the report, then rose 5.7% in after-hours trading, Investing.com reported. The shares had been among the hardest hit in the AI sell-off covered in our Nasdaq 100 story. On November 11, technology stocks led a broad rally: the Nasdaq Composite rose 1.6% and the S&P 500 rose 1.3%, according to Zacks.
Why it matters
CoreWeave is one of the clearest public bets on demand for AI computing. Its results show customers are still signing large, long contracts, but also how much borrowed money the build-out takes: sales nearly tripled while the net loss grew more than sixfold.
This article is general information. It is not investment advice, and trading involves the risk of losing money.
Sources
- CoreWeave Reports Strong Third Quarter 2026 Results, CoreWeave, November 10, 2026
- Earnings call transcript: CoreWeave tops Q3 2026 forecast and shares rise 5.7%, Investing.com, November 10, 2026
- CoreWeave Q3 Revenue Surges 168% but Capex Soars to $14.511 Billion, Sparking Sharp After-Hours Divide, TradingKey, November 10, 2026
- Stock Market News for Nov 12, 2026, Zacks via Yahoo Finance, November 11, 2026
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